Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR     CR       DR     CR       Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR     CR       DR     CR       Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR     CR

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:

Accounts Payable Merchandise Inventory Sales
Accounts Receivable Purchases Sales Discounts
Cash Purchase Discounts Sales Returns and Allowances
Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable

PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).

  • Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.
    DR    
    CR    
  •  
    DR    
    CR    
  •  
  • Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.
    DR    
    CR    
  •  
    DR    
    CR    
  •  
  • Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.
    DR    
    CR    
  •  
  • Aug. 18: Customer paid their account in full with cash.
    DR    
    DR or CR?    
    CR    
Using the accounts listed below, record journal entries for the following transactions
of Furniture Warehouse, which uses the perpetual inventory system:
Merchandise
Accounts Payable
Sales
Inventory
Accounts Receivable
Purchases
Sales Discounts
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all
dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30,
invoice date August 3; the couches cost Furniture Warehouse $150 each.
DR
Merchandise Invent
$7,500
CR
Accounts Payable
$7,500
DR
CR
Transcribed Image Text:Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Merchandise Accounts Payable Sales Inventory Accounts Receivable Purchases Sales Discounts Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR Merchandise Invent $7,500 CR Accounts Payable $7,500 DR CR
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